TL;DR
- Shibarium’s daily transactions experienced a significant increase, signaling a resurgence in activity.
- The network’s achievements and an increase in token burn rate are seen as potentially positive indicators for Shiba Inu’s future market performance.
After a few quiet days, Shiba Inu‘s layer-2 solution, Shibarium, experienced a notable surge in activity. According to the data, the daily transaction count on the network has exceeded 75,000, marking a massive 1,000% rise compared to the previous day’s figure.
Although there’s been a significant increase lately, the transaction numbers on Shibarium haven’t yet reached the high levels seen back in early March. At that time, daily transactions exceeded the million mark.
The L2 scaling solution was formally introduced last August and has since then accomplished several milestones.
Earlier this month, as CryptoPotato previously mentioned, the number of blocks on the network reached a new milestone of over 4 million. Currently, there are more than 413 million transactions that have taken place. Additionally, approximately 1.4 million unique wallet addresses exist on the network.
Shibarium is built with the goal of promoting the growth of Shiba Inu by decreasing transaction costs, increasing transaction speeds, and boosting capacity. For those interested in exploring this further, please check out the informative video provided below.
The continued progress on the L2 solution for Shiba Inu’s blockchain is seen by some as a significant catalyst that could lead to a surge in its price.
An alternative aspect is the burn rate, which aim is to decrease the total issuance of 999,982,362,289,250 SHIB tokens by sending them to an unrecoverable address. Consequently, the tokens become less abundant and theoretically increase in worth over time. Notably, this rate has surged dramatically by more than 300% recently.
The cost of the self-named rival to Dogecoin has surged over 200% in the past three months.
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2024-04-09 14:54